Gainesville Daily Register (Gainesville, Tex.), Vol. 99, No. 64, Ed. 1 Sunday, November 13, 1988 Page: 3 of 16
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OPINIONS
Gainesville Daily Register
Sun., Nov. 131988—3
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Editorial
30 years ago
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Merger mania's risk
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Paul Harvey
Smart farmers still making money
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History today
MEMBER 1988
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TEXAS PRESS ASSOCIATION
Gainesville Daily Register
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***
Fire sirens at 8:15 a.m. Wed-
nesday will herald the official
beginning of the 1959 Cooke
County United Fund campaign.
At that time, the 39-member
Advance Gifts Division, headed
by Leo Kuehn and Fred Lynn,
will leave a meeting at Cur-
twood Restaurant and begin
making their calls.
***
The Football Queen for the
year 1958-59 at Valley View
High School has been announ-
ced as Miss Glenda Martindale.
She is the daughter of Mr. and
Mrs. Cletus Martindale.
***
Marsha Kay Williams was
chosen football queen by the
Callisburg football squad. She
was honored at the Callisburg
Alvord game and will be
crowned at the annual banquet
later on this year. Miss Wil-
liams, the daughter of Mr. and
Mrs. M.H. Williams, is a senior
and has received all of her edu-
cation at Callisburg schools.
, i
Donald W. Reynolds,
Chairman of the Board
Warren G. Flowers,
General Manager
Eric Williams, Managing Editor
David Scott, Advertising Manager
Floyd Ferguson, Circulation Manager
LOCALLY OPERATED MEMBER
DONREY MEDIA GROUP
Can a city dude buy a farm, pack
up, move out, get away from it all
and prosper?
The answer is no.
But if he is determined to become
a farmer, I can tell him what it’ll
take to make it pay.
The first thing a “city-itian”
needs to know is that a cow does not
“give milk.” Somebody has to go
out to the barn and take it away
from her — every day and twice a
day.
And for generations these some-
bodies have been working dark-to-
dark for less than our national
minimum wage.
Delores and Gary Young have
been breeding, feeding and milking
40 head on their dairy farm near
McLean, Neb., and losing money
every year.
“For conventional farming, 320
acres are not enough,” the experts
said. The experts were right.
THIS MiqHT BE W... HULK WN is WINS SoME TOTisH Ml WHS oN GERALDO
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The Cooke County 4-H organ-
ization culminated 12 months of
activities Monday night with
the presentation of county, dis-
trict and state awards and the
selection of Janice Berry and
Anthony Dresser as Gold Star
girl and boy. The occasion was
the annual county 4-H
achievement event, in which
dozens of winnes in the various
divisions were presented cer-
tificates, pins or cash awards
for their activities during the
year.
result, huge firms are being
restructured to make them
more profitable and better
able to thrive in the highly
competitive global economy.
The chief peril in the prolif-
eration of multi-billion-dollar
buyouts is that a recession or
" sharp rise in interest rates — '
or both — could force a num- ,.
ber of highly leveraged cor-
porations into bankruptcy by
reducing their earnings and
boosting their debt-service
burden.
If a recession were to push
scores of large corporations
into default at the same time,
there would be lots of losers
outside the bankrupt firms
themselves. For example, the
pension funds of both private
and public employees are
being used to finance lever-
aged buyouts and would stand
to lose billions of dollars, as
would insurance companies,
banks, and other traditional
sources of investment capital.
A prime factor spurring
the takeover mania is the fed-
eral tax code. Although com-
panies must pay dividends to
shareholders in after-tax.
profits, interest payments on
corporate debt are tax de-
ductible. This means that
cash-rich firms have a power-
ful incentive to spend their
resources on acquisitions de-
spite the attendant risks.
Two obvious ways to damp-
en the enthusiasm for lever
aged buyouts are to limit the
tax deductibility of interest
payments on corporate debt
and to restrict the percentage
of borrowed capital that
could be used to finance ac-
quisitions. Such guidelines
might enhance the value of
takeovers as a tool of corpo-
rate rejuvenation while re-
ducing the dangers of today’s
speculative debt bubble.
minimum-tillage equipment to con- to the crop rotation and you im-
serve soil and reduce the number of prove weed control.
trips across the field in planting a At haying time the Youngs use a
crop, That reduced the cost of till- refractometer to measure the sugar
age. content of the hay crop so that they
Instead of controlling weeds with can harvest it at just the right time
expensive pesticides, they insti- for optimum feed value.
tuted a nine-year crop rotation pro- The Youngs are not going into
gram: corn, milo, corn, soybeans, debt to the machinery and chemical
corn, oats and then three years of companies anymore. They are off
alfalfa. the high-tech, high-production
Berry's World
© 1988 by NEA, Inc. //-B
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MERGERMANA
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They control animal diseases treadmill. They have stopped try-
with “pro-biotics” as opposed to an- ing to do more and started trying to
tibiotics. do better.
Gary now uses herbicide only Experimenting and adapting
once in nine years — to kill the “practical family farming” can still
alfalfa before planting corn. be made to keep farmers off food
Next the Youngs built a solar col- stamps.andfamily farms off the
lector to heat the dairy barn and aueuonoik:
another portable one to dry grain
and heat their house.
On spare land, they planted nut-
bearingtrees.
The Youngs are testing biological
7 ’Hl •
Corporate America, like
the federal government, has
gone on a voracious debt
binge with broad implications
not only for individual com-
panies but for the long-term
health of. the economy as
well. ,
■ A surge of leveraged
buyouts, in which profitable
firms are acquired at premi-
um prices with largely bor-
rowed funds, is reshaping
many long-established giants
of American business. The
$20.3 billion offer for RJR
Nabisco Inc. and the $11 bil-
lion takeover of Kraft Inc.
are only the latest examples
of debt financing which are
sounding alarms about the
dangers of corporate overbor-
rowing. So far this year,
leveraged purchases of large
U.S. companies have exceed-
ed $90 billion, compared with
$39 billion for all of 1987.
The debt explosion is illus-
trated by the fact that nonfi-
nancial corporations have al-
most doubled their debt dur-
ing the last six years, to $1.8
trillion. This year, companies
will allocate 24 percent of
their cash flow just to service
this debt.
The potential macroe-
conomic consequences of the
rising debt burden are stir-
ring concern on Wall Street
and in Washington, but the .
wave of mergers shows no
sign of abating. One reason
for this is that the benefits of
mammoth acquisitions often
outweigh the risks.
On the plus side, growing
debt is forcing newly pur-
chased companies to stream-
line their operations, cut ex-
cessive costs, trim overgrown
bureaucracies, close ineffi-
cient facilities, and make bet-
ter use of limited resources.
Debt, it is often said, is a de-
manding disciplinarian. As a
2s)
Off The Wall
Cast a vote? Why bother; it's all up to Dan Rather anyway
ByMIKEORSBURN facts like, “Our exit polls show that didn’t bother to vote after they wouldn’t criticize for doing it. I had made my own prediction very high prices and if you don’t
Register Columnist white, male voters standing 5 foot, found out Carter had already lost. There are two election reforms I earlier, and that was that some ne- watch the commericals, our spon-
Well the election is finally over. 10 inches and weighing no more The networks defend their early would like to see put in place before twork would call the winner by 7:05 sors will be very angry with us. ”
Which bunch of crooks did you vote than 180 pounds, wearing red shirts predictions by saying they have an the 1992 elections. I’m going to work p.. I was glad to find out I was By 8 p.m, CBS had Bush with 256
for’ Some people are pretty cynical and Levis and mismatched socks, obligation to the public to give out hard to see that these reforms are wrong. Still, at 7 p.m., ABC had votes, ABC had him with 246 and
about the whole process. They say it favored George Bush by 53 percent all information they have available, instituted, and I hope you will help Bush with 207 electoral votes and NBC with only 214. With 270 elec-
doesn’t really matter who’s elected to 47 percent.” I mean, who really Of course, the reason they have the me. Dukakis with 32. And, 15 seconds toral votes needed to win, it was
because all politicians are just alike cares? information in the first place is be- First, I would like to see exit pol- after the polls closed in Texas, ABC easily shaping up as a two network
anyway But the biggest problem with exit cause of exit polling. ling banned But if that’s going too announced that Bush had won here, race, with CBS slightly in the lead
But I don’t agree with that. I think polling is that the winner is named They’ll give you a smoke screen far, then at least there should be a Now that’s some fast counting. and NBC out of it.
it is important who wins. It does evn before the election is over. Back that they conduct exit polls to pro- requirement that they can’t call At 7:06 p.m., Dan Rather said, At 8:07 p.m., Rather informed us,
make a difference. For example, in the old days, it might be hours vide a public service for the elections until all the polls are “Buzzards are beginning to circle “Dukakis is surrounded like Jim
it’s a proven fact that when the Re- after the polls closed before they American people. It’s important, closed nationwide. over Dukakis.” Bowie at the Alamo.”
publicans take the White House, the figured out who won. Not minutes, they say, to gather this information Second, I would like to see a fed- That was when the real drama of At 8:17 p.m., we learned that the
National Conference wins the Super not seconds, but hours. , as fast as possible and get it out to eral law mandating that there be a the night began. The race to see new Western White House would be
BOWI In 1984, exactly one minute after the public. trash can placed next to every which network would call the elec- a room on the top floor of the
I think when the Democrats win, the polls closed in Texas, CBS an- That’s baloney. There’s one voting booth in the country, so that tionfirst. Houstonian Hotel in Houston. “It’s
it means six more weeks of winter, nounced that Reagan had won re- reason and one reason only they if we have another pair of candi- By the way, if you don’t watch over,” said Rather. “Bush wins.” So
nr something like that. election. It was even worse in 1980, conduct those exit polls. It’s be- dates like these last two, voters can “War and Remembrance — How had CBS.
This campaign was noted for it’s even though the networks waited an cause the networks are involved in throw up in it after they cast their Robert Mitchum Singlehandedly It was at that point that my
abundance of negative ads, but as astounding 15 minutes after the an intense competition to call the ballots. Write your congressman. Won World War II for the Good daughter, Stephanie, asked me a
Ronald Reagan said Wednesday, polls closed in the Central Time presidential race. Now, the Anyway, at 5:30 p.m. on election Guys and Made This Election Pos- question I hadn’t thought about?
«You ain’t seen nothing yet. ” The Zone before announcing Reagan American public doesn’t give a hoot day, I turned on my TV to the news sible, ” then ABC sure did waste a lot “What if Bush doesn’t win on the
conventional wisdom among politi- had won. That’s because, in another if ABC calls the election before CBS, and the first thing I heard was that of money promoting it. other channels?” she said. “Who
cal experts is that Bush’s negative of those wonderfully wise decisions or if NBC does it before ABC, but to George Bush had won two states. I At 7:20 p.m., Rather said, “It may would be president then?”
ads blew Dukakis out of the water, he was famous for, Jimmy Carter a few network executives sitting in thought, “Here we go again.” by syonara for Dukakis.” .
You can expect to see a lot more of immediately went on TV and offi- their fancy offices in New York I tried to watch the coverage on By 7:30 p.m., ABC had 213 elec- And you know, i m not
them in the future. ciallygaveup. City, it’s very important. It’s their each of the three networks, and I toral votes for Bush, but CBS had the Constitution saysaboutthat; _
To me, though, a bigger nuisance Can you imagine how people own private competition. That it noticed somethingsignificant right gien him 233. NBC was lagging be- but tna tuned out ot to e
than negative ads is exit polling, standing in line to vote on the West has effected the outcome of elec- off. ABC and CBS both had red rep- hind. ' . prohlensisqon.sabnouna-u
Thenetworks now station a bunch of Coast felt when they found out it was tions on the West coast m the past, resenting Bush and blue for Dan Rather said, “Some of you tnat LBb naa aireaay aeciarea
very nosy people outside carefully already over and Carter had con- and could again in the future, is not Dukakis. NBC had just the reverse, may think this election is over, but bush the wmne r, tney swiicnea
selected polling places across the ceded? something they’re concerned I think that’s something else that whatever you do, stick with us for some. states tney^ naa given to
country They collar voters as they Actually, there was more at stake about. should be looked into . All the ne- the rest of our election night cover- Dukakis over to buin, so tney couia
come out and, under threat of death, than that. Two former Democratic The media is the organization tworks should have to use the same age. It’s important that you, as put mm oeri also
force them to reveal who they voted Congressmen from California that could get away with doing colors for the same candidates, American citizens, continue to noord.pb-ooncauihe"
for As a result the networks are blame their defeat in that electioni something like that because the otherwise it could get awful con- watch us tonight, because we’ve ner untu 9ij- p.m. ineymuscneea
always bombarding listeners with on the fact that a lot of Democrats media is the only one the media fusing. sold a bunch of commercial time at new computers.
By The Associated Press Mohammed Reza Pahlavi attemp-
Today is Sunday, Nov. 13, the ted to weather weeks of violent
318th day of 1988. There are 48 days anti-government protests.
left in the year. Five years ago: During his visit to
Today’shighlightinhistory: South Korea, Reagan
On Nov 13 1940 the Walt Disnev made an unprecedented trip to the
movie “kntas^ demilitarized zone separating the
Sited sea Jencess^^ south from Communist North Ko-
ammatea sequences set to amous rea, where he praised U.S. soldiers
works of classical music by com- as a shield against “tyranny and
posers including Bach, Beethoven deprivation.”
and Tchaikovsky, had its world One year ago: NicaraguanPresi-
premiere at New York’s Broadway dent Daniel Ortega unveiled an
Theater. 11-point proposal in Washington for
On this date: a cease-fire that called for the Con-
In 1775, during the American tra rebels to lay down their weapons
Revolution, U.S. forces captured andacceptanamnesty. .
Montreal. Today’s birthdays: Actress Mad-
eleine Sherwood is 66. Actor Rich-.
In 1909,250 miners lost their lives ard Mulligan is 56. Producer Garry
following a fire and explosion at the Marshall is 54. Actor Dack Rambo
St. Paul Mine at Cherry, Ill. is47.
Ten years ago: The Iranian capi- Thought for today: ‘ ‘When words
tal of Tehran remained calm under leave off, music begins.” -Heinrich
the watch of heavily armed troops Heine, German poet and critic
in key districts of the city as Shah (1797-1856).
So Delores and Gary decide to do control of pests — musk thistle
some “unconventionalfarming.” weevils to help control the musk
First they invested in some thistle. Add enough grain sorghum
SRiNGfetd Nev $ -SueC") 3
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Reference the current page of this Newspaper.
Williams, Eric. Gainesville Daily Register (Gainesville, Tex.), Vol. 99, No. 64, Ed. 1 Sunday, November 13, 1988, newspaper, November 13, 1988; (https://texashistory.unt.edu/ark:/67531/metapth1569879/m1/3/: accessed May 22, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Cooke County Library.